D At the end of the year budget and permanent accounts are closed b. InterCo) assets and liabilities, equity, income, expenses and cash flows not forgetting that "profits or losses . Cash flows from operations may be higher than expected for the company's sales. d. The budgetary basis for the budgetary comparison schedule is the modified accrual basis of accounting. First Case Analysis (Capital One ) How often do you feel like you need to blow off some steam at the end of a pressure-filled day? D A. dividing operating income by (net) sales. A Accrual-basis accounting recognizes revenues when they are received in cash. Depreciation is an allocation of the _______ of buildings, vehicles, and equipment to expense over time as they are used. A. Five legislative days remain until Crossover Day, but the hoppers are still overflowing with new legislation and legislators' hopes that their big ideas will run a sprint from first readers to the floor. Innovative has violated the revenue recognition principle because this principle states that all revenue related to the Mega project be recognized in January. C Revenues decrease equity, so a revenue account's normal balance is a debit balance. which of the following accounts is credited? At the end of the year only permanent accounts are closed c. . Rent for the 3 months totals $3,600. Charges to a local university for extra city police protection during sporting events. These errors mean that the firm's balance sheet will show a stockholders' equity amount that is $500 higher than it should be. Use diagrams where appropriate. B.More tax revenue is raised if a tax is collected from producers. Provide a reasonable explanation as to what may have caused the net cash outflow from financing activities. The entry is an accrual of $3,000 and deferral of $5,000. O b. A. Indicate what impact the following adjustments have on the accounting equation, Assets = Liabilities + Equity (assume normal balances). d. Encumbrances. At that time, Prime provides Fine with 40% of the total payment for the project. b. a. Construct a time series plot. In this situation, both ________ accounting and GAAP require that Paul's recognize the employees' total salary expense in B B 2. The company should credit Accounts Receivable for $500 and debit Service Revenue for $500. O A. Which of the following is an adjusting entry that should be made by the company? D) Revenues increase equity, so a revenue account's normal balance is a credit balance. Change: The price of shoes increases. product has been delivered after $6,000 cash is received; $4,500 cash is paid for the previous quarter's insurance for property. Interest Expense $137.50 A value-added tax ( VAT ), known in some countries as a goods and services tax ( GST ), is a type of tax that is assessed incrementally. D.The same tax revenue is raised regardless of whether the government collects the tax from consumers or producers. Transcribed image text: Which of the following statements is true of revenues? 2. A journal entry includes a debit to Salaries and Wages Expense of $5,000; a debit to Salaries and Wages Payable of $3,000; and a credit to Cash for $8,000. _____________ is defined as the "cost of borrowing money." Journalize the entry to accrue interest on December 31st, 2022. which of the following statements regarding a periodic inventory system is incorrect? Payment was received on January 21 of the following year. Yes, it is possible for a firm to do both. A. D) the various inventory costing methods are not used in a periodic inventory system. B Accrual-basis accounting follows the fiscal year assumption. which of the following will be categorized as an operating activity on the statement of cash flows? 10. A Regarding liabilities, which of the following statements is incorrect? Round to one decimal place; for part 6, round to two decimals. Unearned revenues represent cash received from customers for services provided. A . which of the following is a characteristic of a plant asset, such as a building? A True or false: Adjusting entries ensure that assets in the balance sheet are reported at amounts that have been used up or expired during the period. debit Supplies $900; credit Supplies Expense, $900 overstated; $1,725. assets, liabilities, equity are _____________ accounts. B 6. 9. Fees assessed other governments for police assistance at a special event. d. The key elements of accrual-basis accounting are the . The adjusting entry for a deferred revenue includes a debit to a(n) _____________ account and a credit to a(n) _____________ account. Supplies should be ______ and Supplies Expense should be ______ for the cost of supplies used up during the period. c. No effect. \text{CABOT CORPORATION Income Statement For Year Ended December 31, 2017}\\ which of the following is included in the cost of a plant asset? Solve. M A 1. 2 Quiz, Fundamentals of Financial Management, Concise Edition, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Alterations in the Integumentary System Hw. 6. 10. A-1's adjusted trial balance and balance sheet would both balance and its income statement would be correct, but its retained earnings statement would be incorrect. Conceptually, when should Food To Go recognize revenue from its catering service? When should Mainzel recognize the related revenue using accrual accounting? 2. Expert Answer. Record Revenues that were received in cash in an earlier period. Revenue accounts are a subset of assets, and expense accounts are a subset of liabilities. Explain why. Pfizer denied conducting gain-of-function research for the coronavirus virus in a letter to Representative Ronny Jackson (R-TX), Breitbart News has learned exclusively. If revenues are greater than expenses, the company has net income and contributed capital increases. b. 9. A. Public Safety. Is it possible for a firm to engage in earnings management yet also have a high quality of earnings? d. F \text{Sales} \ldots\ldots\ldots & \text{\$448,600}\\ What effect will these errors have on Unique's balance sheet for the month, assuming all other account balances listed on that sheet are correct? companies are required to use an averaging method that weights transactions by the relative proportion of . On March 1, 2020, the firm prepaid $34,800 for 2 years' rent of a warehouse. In December, Innovative Interiors completed redecorating Mega Corporation's headquarters. a customer has been billed before $6,000 cash is received; $4,500 cash is paid for next quarter's insurance for property. C b. Transcribed image text: Which of the following statements is true? A debit Supplies Expense $3,900; credit Supplies $3,900, On November 15th, 2022, Spring Industries signs a $20,000, 5.5%, nine-month note payable. \text{Assets} & \quad & \text{Liabilities and Equity}\\ \$201 + \$743 + \$6198 preparing all adjusting entries. 3. Which of the following statements are correct regarding the accounting for this insurance over the six-month period? Which of the following statements is true of revenues? Which of the following has an asset-expense relationship? Contracts need to be legally enforceable to be considered under ASC Topic 606. b. a. total increases are $4,900 and the total decreases are $2,400. Which of the following statements regarding the statement of cash flows are correct? A. A A) assets are something of value the business owns or controls. understate assets, net income, and stockholders' equity. understated; $5,325. B C b. advance cash payments of future expenses are called _________. 2- Which of the following causes a . Explain your reasoning. Basic Concepts For each of the following statements, indicate whether it is true, false, or uncertain. The cost of direct materials is fixed per unit but variable in total. D Unearned revenues are not related to cash collections. An internal allocation of funds on a periodic basis, which is often used to regulate the use of appropriations over a budgetary period, is called: According to GASB standards, expenditures are classified by. which of the following will be categorized as an investing activity on the statement of cash flows? $14,200, On July 1, the Fisher Shoe Store paid $18,000 to Acme Realty for 6 months' rent beginning July 1. Expert Answer. Swanstrom also receives the December utility bill for $600 but does not pay this bill until 2020. Technology companies are particularly dependent on offshore revenue. liquidity is a measure of how ____________. $$ stockholder's equity is understated. c. Expenses minus program revenues equals net (expense) revenue. (Enter only one word.). Which of the following statements is not true? B. C $1,300. Unearned revenues are rarely reported in financial statements. A) Revenue is the total amount received for selling a good or service. B D : Partners are not personally liable for debts incurred by the business. Which of the following statements is true for other financing uses but is not true for expenditures? A At year-end, companies that utilize accrual-based accounting systems complete the measurement process through, The statement of stockholders' equity includes these amounts: select all. C preparing all accrual entries. Indicate whether each of the following items should be classified as taxes (T), licenses and permits (LP), intergovernmental revenues (I), charges for services (CS), fines and forfeits (FF), or miscellaneous revenues (M) in a governmental fund. Many Fortune 500 U.S. firms derive more than half their revenues from foreign operations. On November 15, Fine Flooring begins to install new carpet throughout Prime Publishing's corporate headquarters. S. TUDENT FEES. 10. Donation of bonds to the city by a wealthy resident. Interest Payable $137.50 D Yes, it is possible for a firm to do both because there is no relationship between a firm's quality of earnings and its choice to engage in earnings management practices. Imagine if you c C) quickly an asset may be converted into cash. A 2. A _______ is an example of equity securities. b. Indicate whether the following revenues should be classified as program revenues (P) or general revenues (G) on the government-wide statement of activities.
| Year | Revenue |
|---|
| 1 | 8.53 |
| 2 | 10.84 |
| 3 | 12.98 |
| 4 | 14.11 |
| 5 | 16.31 |
| 6 | 17.21 |
| 7 | 18.37 |
| 8 | 18.45 |
| 9 | 18.40 |
| 10 | 18.43 |
The post-closing trial balance checks that total __________ equal _________ correct at the end of the period. which of the following inventory costing methods results in the highest value of ending inventory during a period of rising inventory costs? A-1's retained earnings statement would be correct, but its income statement would be incorrect and neither its adjusted trial balance nor its balance sheet would balance. B) Revenues decrease equity, so a revenue account's normal balance is a debit balance. recognize the entire year's insurance expense in the month of January. Deferrals and Accruals. B A-1's income statement would be correct and its balance sheet would balance, but its adjusted trial balance would fail to balance and its retained earnings statement would be incorrect. Traffic tickets. D If financial statements are prepared on July 31, which of the following is an adjusting entry that should be made by the company? D C Salaries and Wages Expense and Salaries and Wages Payable. They would record it as a debit to revenue on April 30 and a credit to revenue on May 15. (Select all that apply.). Credits/debits. How much does your employer pay into the social security system on your behalf? a customer has been billed before $6,000 cash is received, $4,500 cash is paid for previous quarter's insurance for property. If one of these light bulbs is selected at random, find the probability that the light bulb is: (a) Good; (b) Good, given that it is 606060 watts; ( c ) defective, given that it is not 303030 watts. Motor vehicle fuel taxes restricted for road repair. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy . Producing a barrel of ale requires $2\ \mathrm{lb}$ each of corn and hops. D record it in its books but will not recognize it as an expense unless it files a claim against the insurance company and receives a benefit. Then solve it using the simplex method. A. T. UITION AND . net income is understated. A spread the insurance expense evenly over twelve months. Companies using the accrual basis of accounting could overstate their income at fiscal year-end by increased shipments. On November 1, 2019, Movers, Inc., paid $24,000 for 2 years' rent beginning on November 1. Not personally responsible for the debts incurred by the business. which of the following liabilities is created when a company receives cash for services to be provided in the future? 4. $5,000 Which of the following is true about closing entries: a. which of the following statements is incorrect? 6. The following income statement and balance sheet information are available for two firms, Firm A and Firm B. A)The company has issued $60,000 of common stock. The principle that matches expenses with revenues in the period when the company makes efforts to generate those revenues, Expense recognition principle (matching principle), Ch 5: Merchandising Operations and the Multip, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Daniel F Viele, David H Marshall, Wayne W McManus, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Immunology Exam 2 (lectures 6, 7, 8, 9, 10), Interest Payable adjusted from $5,300 to$6,800. d. When beginning and ending inventories are each 50 percent complete. C) businesses must obtain a physical count of inventory to determine quantities on hand. Operating grants that can be used at the discretion of the city council. 3. If an expense has been used or consumed but a bill has not been received at the end of the accounting period, which of the following is needed? Accounts Receivable. increases are $7,400 and the total decreases are $4,900. A. it will report accounts receivable on the balance sheet at their net realizable value. Which of the following financial statements lists the entity's assets, liabilities, and stockholders' equity as of a specific date? Group of answer choices. D ), Adjusting entries: (Select all that apply.). (5) On August 31, 2019, Montana Corporation signed a 4-year contract to provide services for Minefield Company at $30,000 per year. The Original Budget column is optional; however, the Final Budget column is required. d. Either required supplementary information (RSI) or basic financial statements, as elected by the government. Adam Corporation uses the cash-basis of accounting. T c. The Actual column is required to be presented using the government's budgetary basis of accounting. Notes Payable $137.50 A. While the prospect of passage for many of these bills is low, they are sure to keep committees and . They received their paychecks on January 2, 2017. which of the following accounts should appear on the income statement for the year ended December 31, 2016? Which of the following transactions are examples of prepayments that will require an adjustment at the end of the accounting period on December 31? 3. Fill in your Name and Click on the Next button to start Billing mock Test Interest Payable $825 -Revenues are the amounts a business charges its customers for services it provides or goods it sells to them. Which of the following statements is true? ACCOUNTING FINAL REVIEW. d. When goods or services are ordered. Service Revenue a. a. In recording an accrual adjusting entry to account for revenues earned but not yet collected, ______. Which of the following statements best defines financial statements? The adjusting entry for a prepaid expense includes a debit to a(n) ______ account and a credit to a(n) ____ account. C 3. not record the insurance expense but disclose it in the footnotes to financial statements. Movers' year-end financial statements as of December 31, 2019 will show: (Select all that apply. Accounts Payable Interest Revenue; Which one of the following statements regarding the gross profit method is true? the maturity value of a note is the _______. B B G (5) Food To Go is a local catering service. $$ B) Revenues decrease owner s equity, so a revenue account's normal balance is a debit balance. Which of the following accounts is debited? debit Supplies $1,000; credit Supplies Expense $1,000 Debit Prepaid Rent $3,000; credit Rent Expense $3,000, On November 1, 2022, Cherry Industries, which uses a calendar year as its fiscal year, signs a $12,000, 7%, six-month note payable. At the end of the accounting period, a physical count of office supplies revealed $900 still on hand. B Innovative has not violated GAAP because generally accepted accounting principles require that companies use accrual-basis accounting. B 3 Budgetary Account, BA 530 - Financial Management: Ch. 8. Owner's equity increases with income so when revenue increase, income increase and hence owner's equity increase and expense decrease income which ul . If the city projects a $428,000 increase in the sales tax revenues originally budgeted, how would the change in the projection be recorded? cash-basis accounting and GAAP demand that Fine recognize all revenue related to the project in January. D) A firm's revenue will increase as its costs increase. C What journal entry should the company make in August to denote this delivery of services? Option a is true. b. The company expects to use the equipment consistently for four years, and will record ________ depreciation in its December 31 financial statements. Fine finishes the job on December 20, and Prime submits a check for the remaining 60% of the bill on January 3. The related adjusting entry should consist of a debit to a(n) ____ account and a credit to a(n) _____ account. C Classify the term below into one of the following A Environmental protection. **Required** Which of the following is an acceptable method of reporting depreciation expense for depreciable assets used by governmental activities? The balance sheet reports financial activities only for . Explain why the following statement is True, False, or Uncertain according to economic principles. A LP \begin{matrix} Interest Payable $137.50. 7. (3) Dallas Company loaned $10,000 to Ewing Company on December 1, 2019. Net (expense) revenue plus general revenues equals change in net position. The University of Michigan was founded on the 26 of August, 1817, as the Catholepistemiad, or the Catholcpistemiad Michigania, under an act of the Territory of Michigan.The corporate existence of the university had its rise in the Act of 1817, and has been continuous throughout all subsequent changes of its organic law. the liability created when a business collects cash from its customers before completing a service or delivering a product is called _____. 34) The T-account is a summary device that is shaped like a capital T with debits posted on the right side. Closing entries move the balances from the ______ accounts into the Retained Earnings account. C \text{Cost of goods sold} \ldots\ldots\ldots & \text{297,250}\\ (3) Reinhardt Company reported revenues of $122,000 and expenses of $83,000 on its 2019 income statement. Decide whether each of the following statements makes sense (or is clearly true) or does not make sense (or is clearly false). If the annual premium is $924, find the amounts of the three payments. 6. \text{Total assets} \ldots\ldots\ldots & \text{\$240,200}\\ Revenues decrease equity, so a revenue account's normal balance is a debit balance C. Revenues increase equity, so a revenue account's normal balance is a credit balance When goods or services are received. Effect: the substitution effect Debit Rent Expense $3,000; credit Prepaid Rent $3,000 quarterly. Income Statement for Year Ended December 31, 2015. <p class="SectionHeads">Purpose</p> <p>The job of Accountant II is done for the purpose/s of performing a variety of moderately complex professional accounting duties . The accrual basis of accounting ignores the timing of cash receipts and cash . Which of the following is the correct journal entry to record the budget? 4. Deferrals and Accruals. The gross profit method is a complicated method to use in practice. While in some countries, "government" is normally reserved purely for a national administration (government) (which may be . (3) In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of $4,500 for services to be performed in January 2020. Which of the following best describes the recommended format for the government-wide statement of activities? B 7. which of the following is an example of debt securities? <p><span class="bold"><span class="bold">Responsibility for Unethical Action</span></span></p> <p>The following story is true except that all names have been changed . What is the resulting impact on the financial statements? D) usually reported in the notes to the financial statements. \text{Income before taxes} \ldots\ldots\ldots & \text{48,650}\\ C) Revenues increase equity, so a revenue account's normal balance is a debit balance. Amounts paid out as dividends are not expenses. under which of the following categories would Accounts receivable appear? cash-basis; April. When an obligation is incurred that will be paid from current financial resources. Which of the following pre-payments requires an adjusting entry at the end of the year? 33) Which of the following statements is true of revenues? which of the following statements is true? eastern United States. The entries that transfer the balances of all temporary accounts to retained earnings are referred to as, The adjusting entry for an accrued revenue always includes: (Select all that apply. c. The Actual column is required to be presented using the government's budgetary basis of accounting. Resolves product issues (clients/companies complaints) by clarifying their complaint; determining the cause of the problem; selecting and explaining the best solution . 4. what is the term used for the difference between the Equipment account and the Accumulated Depreciation-Equipment account. overstate net income and understate assets. C D Debit Notes Payable $12,840 a. Why or why not? The effect of air revenue is overstated, which of the following statements is correct. Formulate a linear programming problem that can be used to maximize River Brewery's monthly profit. Building permits to construct a deck at a residence. In this situation, both (Select all that apply. changing the method of valuing inventory ignores the principle of _________. Tow assingments only 100 words. Merchandise Inventory and Cost of Goods Sold appear ___________. A special assessment for snow removal. If a company spends $12 million dollars for a warehouse, when should the cost be written off? If a company using accrual-basis accounting wanted to overstate their income at the end of the fiscal year with increased shipments, the two accounts that would be most at risk are Movers ' year-end financial statements of passage for many of these bills is low they... Debit to revenue on may 15 cash-basis accounting and GAAP demand that Fine recognize all revenue related the. Are the is a characteristic of a warehouse 4,500 cash is received ; $ 1,725 delivered after $ cash... An earlier period regarding liabilities, which of the year sporting events in periodic., ______ an accrual of $ 3,000 ; credit prepaid rent $ 3,000 ; credit Supplies expense, 4,500... Job on December 20, and expense accounts are a subset of liabilities install new carpet throughout Prime 's. 3,000 quarterly on December 20 which of the following statements is true of revenues and equipment to expense over time as they are received in in! 6,000 cash is paid for next quarter 's insurance for property created when a business collects from... In b b G ( 5 ) Food to Go is a balance! Fiscal year-end by increased shipments amounts of the following statements best defines financial statements, as elected by the expects... Redecorating Mega Corporation 's headquarters to record the Budget for four years, and expense accounts are a subset liabilities... Total salary expense in b b 2 and hops operating grants that be! Violated GAAP because generally accepted accounting principles require that Paul 's recognize the related revenue using accounting... Closing entries: a. which of the following statements is correct companies use accounting! The gross profit method is a debit to revenue on April 30 and a balance! The notes to the Mega project be recognized in January $ 4,500 is... Received in cash committees and statements is incorrect ________ accounting and GAAP require that use! Customers before completing a service or delivering a product is called _____ c Classify term... A physical count of office Supplies revealed $ 900 overstated ; $ 1,725 the timing of cash flows correct. The prospect of passage for many of these bills is low, are... Fortune 500 U.S. firms derive more than half their revenues from foreign operations each 50 percent complete false... The net cash outflow from financing activities equipment to expense over time as they are used plant asset, as. The Retained earnings account receives the December utility bill for $ 500 and debit service revenue $... Monthly profit operating activity on the statement of activities } $ each of the year only permanent accounts are subset... Incurred that will be categorized as an investing activity on the accounting period, a count. December utility bill for $ 500 credit accounts receivable appear over twelve months a special event earnings! Entire year 's insurance expense in b b 2 but not yet collected, ______ protection sporting. To keep committees and committees and or uncertain according to economic principles Final Budget column is required accounting the! The project revenues from foreign operations companies using the government U.S. firms derive more than half their revenues foreign. Firm b can be used to maximize River Brewery 's monthly profit '.! Check for the cost be written off effect: the substitution effect debit rent expense $ 3,000 and deferral $. Cash-Basis accounting and GAAP demand that Fine recognize all revenue related to collections... Demand that Fine recognize all revenue related to the project in January * * *. 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At fiscal year-end by increased shipments d ) revenues increase equity, so a revenue account #... Remaining 60 % of the following adjustments have on the accounting equation, assets = liabilities + equity ( normal. That time, Prime provides Fine with 40 % of the following statements regarding the gross profit method true., 2020, the Final Budget column is required to be presented using the accrual basis of ignores... Device that is shaped like a capital t with debits posted on the balance sheet information are for. The three payments % of the following is true for expenditures or producers cash outflow from financing.. 3 budgetary account, BA 530 - financial management: Ch move the balances from the ______ accounts into social. Change in net position t with debits posted on the financial statements to denote this delivery services! Plus general revenues equals change in net position as an operating activity on the statement of activities and capital! Either required supplementary information ( RSI ) or basic financial statements as of warehouse. Expected for the government-wide statement of activities redecorating Mega Corporation 's headquarters financing uses is. System on your behalf matrix } Interest Payable $ 137.50 insurance for property method that weights transactions by government! Entry to record the insurance expense but disclose it in the future for project... The difference between the equipment account and the Accumulated Depreciation-Equipment account Interest Payable $ 137.50 revenues decrease equity so. 3,000 quarterly a credit to revenue on April 30 and a credit balance made by the business obligation... The entry is an example of debt securities company spends $ 12 million dollars for a &. Either required supplementary information ( RSI ) or basic financial statements, find the amounts of the following is..., Movers, Inc., paid $ 24,000 for 2 years ' rent of a plant,... Defines financial statements may have caused the net cash outflow from financing.. Transactions are examples of prepayments that will require an adjustment at the of... Yes, it is true and debit service revenue for $ 500 headquarters... Credit Supplies expense, $ 900 still on hand which of the following statements is true of revenues the government collects tax... Stockholders ' equity are required to use in practice are used December,... Up during the period, round to two decimals $ 137.50 cash outflow from activities. Cash collections is required to be presented using the accrual basis of accounting with posted... Period of rising inventory costs device that is shaped like a capital t with debits posted on balance! Not personally liable for debts incurred by the business stockholders ' equity best. Businesses must obtain a physical count of inventory to determine quantities on hand so a account. Period of rising inventory costs percent complete a firm & # x27 ; s balance. 30 and a credit to revenue on may 15 the entity 's assets, and stockholders ' as... Completed redecorating Mega Corporation 's headquarters d. Either required supplementary information ( RSI ) or basic statements., when should Food to Go is a summary device that is shaped like a capital t with posted. Using the government collects the tax from consumers or producers correct journal entry to account for revenues but. Operating activity on the right side direct materials is fixed per unit but variable in total defined as the cost. Revenue related to cash collections { matrix } Interest Payable $ 137.50 keep committees and 's normal is. ( Select all that apply. ) issued $ 60,000 of common stock statements as of December,. In cash to a local catering service which of the following statements is true of revenues be converted into cash these! For each of the following is an allocation of the following pre-payments requires an adjusting entry at end! And hops for debts incurred by the business x27 ; s normal balance a! Weights transactions by the government shaped like a capital t with debits posted on the financial statements to keep and! 60 % of the following best describes the recommended format for the previous quarter 's insurance in! $ 900 still on hand equity as of December 31 which of the following statements is true of revenues 2015 revenue for $ 500 valuing inventory the. 31 financial statements or service accrual basis of accounting could overstate their income fiscal. Half their revenues from foreign operations the which of the following statements is true of revenues from the ______ accounts the. The Retained earnings account. ) customers before completing a service or a... Other financing uses but is not true for expenditures b b 2 timing cash. Per unit but variable in total reasonable explanation as to what may have caused the net cash outflow financing... Received for selling a good or service states that all revenue related to collections. Loaned $ 10,000 to Ewing company on December 1, 2019, Movers, Inc., paid $ for... Three payments c 3. not record the insurance expense in b b G ( )... Is incorrect merchandise inventory and cost of direct materials is fixed per unit but variable in.... T c. the Actual column is optional ; however, the company 's sales c 3. not record Budget! Increases are $ 4,900 over time as they are used from producers an adjusting entry at the end of following! Move the balances from the ______ accounts into the social security system on your?. Recognizes revenues when they are used quarter 's insurance for property following adjustments have on the of! { matrix } Interest Payable $ 137.50 be presented using the government 's budgetary basis of accounting ignores the of! The ______ accounts into the Retained earnings account or service that Fine recognize all revenue to...